Geraldton’s real estate market is experiencing positive growth, according to the latest findings from the Real Estate Institute of Western Australia (REIWA). The median house sale price in Geraldton has risen by 5.8% to $455,000, up from $430,000 in the previous quarter.
While Geraldton is leading the way, eight other regional centers in Western Australia have also seen price growth in the housing market. The only exception is Port Hedland, where the median house sale price declined.
Joe White, a regional spokesperson for REIWA, attributes the price growth in Geraldton to strong demand. He explains that although there is an adequate supply of established homes, they are selling quickly, creating the perception of limited stock and fueling the fear of missing out.
Competition in Geraldton is particularly strong in the mid-range price brackets, with properties priced around the median attracting multiple offers and selling rapidly. Family homes are in high demand and are selling as soon as they hit the market.
Investors and companies seeking rental properties are also contributing to the demand for established homes in Geraldton. White emphasizes the need for affordable new supply or innovative solutions, such as transportable homes, to address the challenges in the established homes market.
It’s worth noting that all regional centers in Western Australia have experienced an increase in median house sale price over the past 12 months. Bunbury saw the highest growth, with a 28.5% increase to $591,250, followed by Busselton with a 20.1% growth to $865,000.
In terms of rentals, seven regional centers in Western Australia saw an increase in their median weekly rent over the quarter. Broome had the highest growth, with a 11.1% increase to $1,000 per week. However, affordability concerns have led to less movement in the lower-priced rental market, resulting in more leasing activity at the higher end.
White warns that the rental market in Broome may be reaching an affordability ceiling, as some property owners have had to reduce their prices to secure tenants. Properties are taking slightly longer to rent, and offers below the asking price are becoming more common.
1 Comment
As someone living in Geraldton, it’s exciting to see our town gaining recognition as a leading regional center in Western Australia. The impressive quarterly price surge is a testament to the vibrant real estate market here. I wonder if this growth will bring new opportunities for local businesses and further enhance the quality of life in Geraldton.